Naspers’s Media24 to cut jobs
The media division’s losses during the six months to end-September will be revealed when Naspers releases its interim results on Friday afternoon
Naspers’s Media24 business will cut jobs as it restructures its digital division, the newspaper and magazine publisher’s CEO, Ishmet Davidson, said on Friday.
Media24 has launched a consultation process with affected staff as it restructures the 24.com unit, which includes News24.
“Like any other business, we regularly review our infrastructure and portfolio of excellent print and digital brands — some flourish, others battle in a constantly changing media landscape,” Davidson said in an e-mailed response to Business Day.
“While we’re committed to a digital future, we are also committed to it being sustainable and to delivering a return on investment to our shareholders,” Davidson said.
Job losses would be kept “to a minimum”.
In the year to end-March 2018, Media24’s loss widened to R365m, from R88m the year before. Revenue declined 5% to R4.7bn.
The media division’s losses during the six months to end-September will be reported at about 3pm on Friday when Naspers releases its interim results.